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Reasons to consider early RRSP and RRIF withdrawals + MORE Oct 24th
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of .... More »
“I inherited my husband’s TFSA. Does that affect my contribution room?” + MORE Jul 30th
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I have a question about TFSAs that I have not seen being answered anywhere. My problem is as follows: In 2009, both my husband and myself started to make the total allowable contributions to our individual TFSA accounts. When my husband passed away in 2020 the balance in his TFSA at t.... More »
Summer energy savings: How to stay cool without cranking the AC Jul 23rd
When the mercury begins to rise, Jeffrey Siegel sinks into a routine. Windows facing the east are covered in the morning before those in the west are shrouded in the afternoon, his fan gets switched on, more of his cooking moves to the barbecue, and a clothesline is brought out whenever there is la.... More »
The best high-interest savings accounts in Canada for 2025 Sep 24th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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What to do when you have insufficient or unused RESP funds Aug 14th
Registered education savings plans (RESPs) are the best way to save for a child’s post-secondary education. Contributions attract government grants, and the accounts grow tax-deferred. Withdrawals can be used for trade school, college or university funding in Canada and abroad.
According to Sta.... More »
Our roundup of the best tax tips for Canadians
– moneysense.ca
Tax tips are like opinions—everyone has one. But the key is to listen to the ones you can trust. That’s why we rounded up our favourite expert tax advice. Regardless of whether you are doing your taxes yourself, or you have someone do them for you, you will find most of these helpful to your tax situation. Here are 15 of our best tax tips for Canadians.
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Calculating expected returns on the sale of real estate
– moneysense.ca
Q. How do I calculate the capital gain on real estate sold in Ontario? I’m trying to figure out how much I should list my main resident property for—after deducting all expenses (interest, fees, taxes)—to arrive at a reasonable profit margin. Is there a tool or app that can do that? I searched the internet and couldn’t find any articles explaining this process.
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…
